Russia Prepares for Wave of Bankruptcy Filings Under New Law

October 1, 2015 11:16 AM

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Russia is preparing for a wave of bankruptcy applications after a new law came into force Thursday allowing individuals to file for bankruptcy.

Between 400,000 and 500,000 people are eligible to file for bankruptcy under the law, the central bank's deputy chairman Vasily Pozdyshev said in a statement Wednesday, allowing them to "solve the problem of being persecuted by creditors."